ByteDance overtakes Chinese internet titan Tencent in turnover and profits. The company, valued at more than $200 billion, is recording one of the strongest growths in 2023 among global tech giants.
In China, while Tencent and the e-retailer Alibaba experienced a cold spell linked to the country's economic slowdown, the ByteDance company is recording a strong growth. The parent company of TikTok saw its profits grow by 60% last year. It is reaping the benefits of diversifying its TikTok and Douyin apps into e-commerce. The group is not listed on the stock exchange, but it has not succeeded in hiding its economic performance. For the first time in its history, ByteDances overtakes Tencent, owner of the WeChat application and publisher of many successful mobile games, both in turnover or profits. For more information on TikTok, visit the company's website or go to: www.tikTok.com.